February 01, 2017
The Australian property market has started 2017 strongly, with dwelling values rising across seven of Australia's eight capital cities in January.
Data from Corelogic shows that capital city values rose 0.7% for the month, taking the annual growth rate to 10.7%.
While the markets in Sydney and Melbourne continued their growth cycles, it was Hobart that came in as the best performing capital city market for the quarter at 5.8%.
Commenting on the January results, CoreLogic head of research Tim Lawless said, “The positive result was broad-based with every capital city (excluding Darwin) recording a rise in dwelling values over the month. The largest month-on-month gains were recorded in Hobart (+1.4%), Sydney (+1.0%) and Melbourne (+0.8%).”
Highlights over the three months to January 2017
• Best performing capital city: Hobart +5.8%
• Weakest performing capital city: Canberra +0.1%
• Highest rental yields: Hobart & Canberra houses with gross rental yield of 5.0% and Hobart Units at 5.8%
• Lowest rental yields: Melbourne houses with gross rental yield of 2.7% and Darwin units at 3.4%
• Most expensive city: Sydney with a median dwelling price of $850,000
• Most affordable city: Hobart with a median dwelling price of $366,000
The full CoreLogic results and commentary can be viewed here.